Saudi Arabia diversifies it's economy big time.
Don't ever let anyone tell you there's no money in renewables, especially after this phenomenal deal. (BTW, hows it going with that financing of your silly coal mine idea in the Galilee Basin Adani?)
This story has just broken today of an incredible deal between Saudi Arabia, who seem to be trying very hard to change the colour of their spots, so to speak, and the Soft Bank Group Corporation. It's a 200 Billion dollar deal that will see Saudi build a two hundred billion dollar solar farm that will generate 200GW's of electricity for the country. To put it in perspective, the nearest solar farm of scale is the proposed 2 GW Bulli Creek Solar Farm in Australia according to Bloomberg. This motha's gunna dwarf that by an enormous degree.
There's some mighty money being thrown at large scale renewable energy projects around the world and the scale of them is just now beginning to get really serious. Think of the enormous wind turbines being built by General Electric where each turbine will put out 12 MW each. I think I read they're going to be installed off shore of Victoria in the coming year on a wind farm that will put out one and a half times more power than the recently closed brown coal Hazlewood power plant.